Oddity stock soars on Q2 guidance hike, new buyback plan

Shares in Oddity Tech (ODD) surged more than 16% at Friday’s market open after the beauty and wellness consumer tech company announced the approval of a stock buyback plan and raised its second-quarter forecasts.

The company’s board approved a buyback program of up to $150 million, set to expire on June 30, 2027, or once the allocated funds are fully utilized.

Alongside this, the company also hiked its outlook for the second quarter ending June 30.

Oddity now expects Q2 adjusted EPS to be around 69 cents, up from the previous estimate of 56 cents. Net revenue for Q2 is projected to be about $189 million, previously forecasted at $185 million to $189 million.

Adjusted EBITDA is projected to be approximately $60 million, compared to the prior range of $53 million to $56 million, while a gross margin is expected to be around 71% for the three-month period.